ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The country’s economy benefits from the export of the minerals.
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The country’s economy relies on the continuous import of minerals.
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The country can produce what it needs from its mineral resources and does not trade.
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The country does not benefit from its minerals because mining them harms the environment.
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Detailed explanation-1: -What is the role of Canada’s mineral resources in its economy? The country’s economy relies on the continuous import of minerals. The country can produce what it needs from its mineral resources and does not trade. The country does not benefit from its minerals because mining them harms the environment.
Detailed explanation-2: -Canada is one of the leading mining countries in the world and one of the largest producers of minerals and metals. Valued at $102 billion in 2020, mineral exports accounted for 21% of Canada’s total domestic exports.
Detailed explanation-3: -NATURAL GAS AND CANADA’S ECONOMY The industry contributes to Canada’s overall economic health through jobs and taxes and royalties paid to the provincial and federal governments. This revenue can be used to help pay for health care, education, infrastructure and other social programs.
Detailed explanation-4: -Mined materials are needed to construct roads and hospitals, to build automobiles and houses, to make computers and satellites, to generate electricity, and to provide the many other goods and services that consumers enjoy.
Detailed explanation-5: -Gold ($11.2 billion) was the leading export, accounting for 91% of the value of mineral exports, followed by uranium ($427.3 million or 3% of the total) and iron ore ($400.7 million or 3% of the total). Gold accounted for 52% of Canada’s total merchandise exports value of $21.3 billion to the United Kingdom in 2021.